Jaz Mooney’s Middle Head Ventures is moving to sell the freehold going concern or the leasehold of Brisbane’s landmark The Normanby Hotel after completing a major refurbishment.
CBRE Hotels’ National Pubs Director Paul Fraser has been exclusively appointed to steer the campaign for the well-known Red Hill watering hole.
Built in 1890, the heritage-listed property is situated on a substantial 4,162sqm site and is being offered with 35 gaming machine authorities, multiple bars, restaurants, a beer garden, and functions areas.
Fraser noted, “A substantial $4 million refurbishment has completely modernised the asset while retaining its key heritage features. This means the hotel will have very limited need for immediate capital expenditure, effectively offering a turnkey proposition for an incoming investor.”
The asset is situated just 200 metres from the $2 billion Brisbane Live development which will comprise an 18,000-seat arena above the new Roma Street Cross River Rail station. It is estimated that the precinct will deliver $2.5 billion in gross regional product over 2026-2048 and will stimulate economic and infrastructural development in the surrounding area.
“With this city changing infrastructure due to come on-line and the Brisbane Olympic Games right around the corner online, such as the Brisbane Live Precinct, Roma Street Cross River Rail Station and the Queens Wharf, The Normanby Hotel is in a prime position to prosper over the next decade and beyond,” Fraser said.
“The asset also offers significant underlying value through its 35 South-East Queensland gaming authorities and large site area, less than 2km from the CBD. This, combined with property’s future redevelopment potential, means the property will be highly sought after by a wide range of investment groups.”
The Normanby Hotel will be sold via an Expression of Interest campaign closing 7th April 2022 (unless sold prior).